A Case on Predictive Modeling for Ayurveda Product Offerings

This paper deals with an overview of predictive modeling approaches adopted by marketers to identify segments in the target market which would have the largest response rates pertaining to a certain product or service being offered. The three approaches in the predictive modeling, which have been discussed are Heuristic approach, Statistical approach and Data Mining approach. However, with reference to a case study on which the predictive modeling is applied , essentially the case of a company manufacturing and marketing ayurveda products to a large target population, the specific predictive models considered are (1) RFM model ... Recency, Frequency, Monetary Model ; (2) Logistics Regression Model ; and (3) Decision Tree model, in particular the CHAID